HOFATRA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HOFATRA
Largest movements
- Receivables after one year -€142,400
down €142,400 (-81.4%), from €175,000 to €32,600
- Cash +€23,388
up €23,388 (+61.1%), from €38,252 to €61,640
mainly Receivables after one year (+€142,400) and Net result for the year (+€131,741)
- Receivables within one year -€22,248
down €22,248 (-21.1%), from €105,484 to €83,236
of which Trade receivables: -€22,232
- Reserves -€214,855
no longer reported in 2025 (was €214,855)
- Tax, wage and social debts +€48,014
up €48,014 (+131.0%), from €36,639 to €84,653
- Other debts +€21,555
up €21,555 (+19.6%), from €110,190 to €131,745
- Current portion of long-term debt +€5,036
new in 2025: €5,036
- Gross operating margin +€52,335
up €52,335 (+36.8%), from €142,318 to €194,653
- Taxes +€10,052
up €10,052 (+29.4%), from €34,216 to €44,268
- Staff costs -€3,464
no longer reported in 2025 (was €3,464)
- Depreciation -€2,758
down €2,758 (-14.6%), from €18,836 to €16,078
- Financial charges +€2,521
up €2,521 (+268.8%), from €938 to €3,459
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €385,244 | €241,523 | -€143,721 | -37.3% |
| Fixed assets | 21/28 | €49,363 | €48,118 | -€1,244 | -2.5% |
| Tangible fixed assets | 22/27 | €49,363 | €48,118 | -€1,244 | -2.5% |
| Land and buildings | 22 | €30,393 | €29,332 | -€1,061 | -3.5% |
| Plant, machinery and equipment | 23 | €3,963 | €3,151 | -€812 | -20.5% |
| Furniture and vehicles | 24 | €15,006 | €15,635 | +€629 | +4.2% |
| Current assets | 29/58 | €335,881 | €193,405 | -€142,476 | -42.4% |
| Amounts receivable after more than one year | 29 | €175,000 | €32,600 | -€142,400 | -81.4% |
| Other amounts receivable | 291 | €175,000 | €32,600 | -€142,400 | -81.4% |
| Amounts receivable within one year | 40/41 | €105,484 | €83,236 | -€22,248 | -21.1% |
| Trade receivables | 40 | €105,468 | €83,236 | -€22,232 | -21.1% |
| Other amounts receivable | 41 | €16 | - | -€16 | |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €38,252 | €61,640 | +€23,388 | +61.1% |
| Deferred charges and accrued income | 490/1 | €7,145 | €5,929 | -€1,216 | -17.0% |
| Total equity and liabilities | 10/49 | €385,244 | €241,523 | -€143,721 | -37.3% |
| Equity | 10/15 | €233,455 | €18,600 | -€214,855 | -92.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,855 | - | -€214,855 | |
| Distributable reserves | 133 | €214,855 | - | -€214,855 | |
| Amounts payable | 17/49 | €151,790 | €222,923 | +€71,134 | +46.9% |
| Amounts payable within one year | 42/48 | €151,790 | €222,923 | +€71,134 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | - | €5,036 | +€5,036 | |
| Trade debts | 44 | €4,961 | €1,489 | -€3,471 | -70.0% |
| Suppliers | 440/4 | €4,961 | €1,489 | -€3,471 | -70.0% |
| Taxes, remuneration and social security | 45 | €36,639 | €84,653 | +€48,014 | +131.0% |
| Taxes | 450/3 | €36,639 | €84,653 | +€48,014 | +131.0% |
| Other amounts payable | 47/48 | €110,190 | €131,745 | +€21,555 | +19.6% |
| Remuneration, social security and pensions | 62 | €3,464 | - | -€3,464 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,836 | €16,078 | -€2,758 | -14.6% |
| Other operating charges | 640/8 | €1,647 | €1,702 | +€54 | +3.3% |
| Gross operating margin | 9900 | €142,318 | €194,653 | +€52,335 | +36.8% |
| Operating profit (loss) | 9901 | €118,370 | €176,873 | +€58,503 | +49.4% |
| Financial income | 75/76B | €4,364 | €2,595 | -€1,769 | -40.5% |
| Recurring financial income | 75 | €4,364 | €2,595 | -€1,769 | -40.5% |
| Financial charges | 65/66B | €938 | €3,459 | +€2,521 | +268.8% |
| Recurring financial charges | 65 | €938 | €3,459 | +€2,521 | +268.8% |
| Profit (loss) for the period before taxes | 9903 | €121,797 | €176,009 | +€54,212 | +44.5% |
| Income taxes | 67/77 | €34,216 | €44,268 | +€10,052 | +29.4% |
| Profit (loss) for the period | 9904 | €87,581 | €131,741 | +€44,160 | +50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €87,581 | €131,741 | +€44,160 | +50.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.